The global brain implants market exhibited moderate growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 9% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Brain implants are technological devices placed inside the human body to allow interaction with neurons. They are used in the deep brain stimulation (DBS) technique, which finds extensive application in the treatment of dystonia, tinnitus, epilepsy, Parkinson's disease, neuropathic pain, and obsessive-compulsive disorder (OCD). They are also utilized to rehabilitate the body after an injury, improve memory, and communicate with prosthetic limbs. Presently, brain implants find application in biomedical research to record the patterns of neural activity, understand brain functions, discover novel medical procedures, and improve the effectiveness of existing drugs.
A significant rise in the geriatric population and corresponding age-related neurological diseases are catalyzing the demand for brain implants across the globe. Additionally, the increasing prevalence of target diseases, such as Parkinson's disease, Alzheimer's, and epilepsy, is driving the market. Apart from this, as DBS stimulates dysfunctional parts of the brain, its application is expanding to enhance cognitive function among individuals who suffer from Tourette's syndrome and psychiatric disorders. Moreover, brain implants are being used in the treatment of people with paralysis. These implants stimulate the spinal cord, provide sensory feedback, and enable amputees to control the movement of hands, arms, and legs. Furthermore, scientists are developing carbon nanotubes and conventional silicone implants in the brain to help soldiers fight better under combat situations and allow athletes to focus on their sports. This is anticipated to drive the market growth in the coming years.
IMARC Group provides an analysis of the key trends in each sub-segment of the global brain implants market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, product and application.
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The competitive landscape of the industry has also been examined along with the profiles of the key players being Abbott Laboratories, Aleva Neurotherapeutics SA, Boston Scientific Corporation, Cochlear Ltd., Edwards Lifesciences Corporation, Medtronic, Ndi Medical LLC, NeuroPace Inc., Nevro Corp., Synapse Biomedical Inc and Synchron Inc.
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